Foptrade Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-25 16:33

Abstract：Foptrade is allegedly a broker founded in 2021 and registered in Vanuatu. It offers trading in forex, CFDs, equities, commodities and indices with maximum leverage of 1:200 and floating spreads around 3 pips via the MetaTrader4. However, it is not a legit broker.

　　Note: Foptrade' official website: https://foptrade.com is currently inaccessible normally.

Foptrade Review Summary
Founded	2021
Registered Country/Region	Vanuatu
Regulation	Unregulated
Market Instruments	Forex, CFDs, equities, commodities and indices
Demo Account	✅
Leverage	Up to 1:200
EUR/USD Spread	Floating around 3.0 pips
Trading Platform	A simple version of MT4
Min Deposit	/
Customer Support	Service time: Mon-Fri: 07:00 - 16:00 GMT
Customer Support	Email: support@foptrade.com

　　Foptrade is allegedly a broker founded in 2021 and registered in Vanuatu. It offers trading in forex, CFDs, equities, commodities and indices with maximum leverage of 1:200 and floating spreads around 3 pips via the MetaTrader4. However, it is not a legit broker.

Pros and Cons

Pros	Cons
Various trading products	Inaccessible website
Demo accounts available	Unregulated
	High spread set
	No info on minimum deposit
	Only email support

Is Foptrade Legit?

　　No. Foptrade has no regulations currently. Please be aware of the risk!

What Can I Trade on Foptrade?

Tradable Instruments	Supported
Forex	✔
CFDs	✔
Commodities	✔
Indices	✔
Equities	✔
Stocks	❌
Cryptocurrencies	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type

　　Apart from free demo accounts, Foptrade claims to offer four types of trading accounts, namely Micro, Classic, Premium and VIP. However, it says nothing about the minimum initial deposit requirement to open an account.

Leverage

　　The leverage provided by Foptrade is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spread

　　The spread for the EUR/USD pair is as high as 3 pips, while the industry average is just 1.5 pips.

Trading Platform

　　Foptrade provides access to a distribution of Metatrader 4, as well as a simpler, web-based version of the platform.

Deposit and Withdrawal

　　Foptrade only accepts deposits via Bitcoin, which is a final and irreversible method and thus often favored by scammers. Exercise caution when using it for deposits!